The so-called 'stablecoin' recently launched in Hong Kong has sparked heated discussions within the industry. At first glance, this new type of digital asset seems to bring stability to the financial market, but upon closer analysis, we find that it resembles more of a Central Bank Digital Currency (CBDC) rather than a true Crypto Asset.

This 'stablecoin' emphasizes regulatory trust and fiat currency anchoring, essentially representing a form of digital legal tender (digital currency). While it can indeed provide stability, this stability comes at the cost of sacrificing freedom.

A true Crypto Assets should possess core characteristics such as anonymity, censorship resistance, cross-border circulation, and on-chain settlement. However, the 'stablecoin' launched in Hong Kong seems to lack these key elements, retaining only a digital payment shell authorized by the Central Bank.

This approach raises an important question: If a digital asset loses the core characteristics of Crypto Assets, can it still be called a real Crypto Asset? More importantly, can this 'stablecoin' truly integrate into the decentralized finance (DeFi) ecosystem and become a part of the Web3 world?

In the long run, true innovation should ensure stability while also preserving the core value of Crypto Assets. Only in this way can a balance be struck between regulatory requirements and user demands, promoting the healthy development of digital finance.

As the Crypto Assets market continues to evolve, we need to closely monitor the development of various emerging digital assets. They not only influence the trends of mainstream Crypto Assets such as Bitcoin (BTC), Ripple (XRP), and Binance Coin (BNB), but are also shaping the future landscape of digital finance.